Brief Recap and Updates on the MarketsSPY Charts and some Technical AnalysisIn Tuesday's action: Stocks closed higher Tuesday with the Dow rallying more than 500 points on upbeat earnings and robust economic data.The S&P 500 and Nasdaq Composite surge past their 200-day moving averages. News to keep in mind Wednesday morning: Markets are lower in pre-market trading with exception of the Nasdaq which is higher.At 9:15am ET - Dow futures vs fair value: -124.00. S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: +28.00. Russell 2000 futures vs fair value: -6.00.Keep an eye out for any trade headlines or political risksKeep an eye on the VIX - up about 4% pre-markets Today's Economic Calendar:7:00 MBA Mortgage Applications8:30 Housing Starts10:30 EIA Petroleum Inventories12:10 PM Fed's Reserve Gov. Lael Brainard Speech2:00 PM FOMC minutesThe SPY charts are pictured below. The first is a 4-month chart followed by a longer-term 9-month chart. The markets were much higher on Tuesday. The MACD lines are currently negative. The Stochastics are low/oversold and appear to be trying to cycle up. The Money Flow is currently negative. I am watching the 280 and 275 levels where we have found some support. The question is at what level will we retest and hold? I am a bit cautious about the negative money flow, keeping an eye on it. With the big declines in the market it appears we have put in a top around 292/293. Also watching the 200-day moving average, It is important to some to remain above that line.On the 9-month chart, the nice channel since April has been shown. This trend/pattern has been broken to the downside. Awaiting the emergence of the next pattern. The next level of support may be around 280 and 275. 270 is a strong support level.Nasdaq Composite +10.8% YTDS&P 500 +5.1% YTDDow Jones Industrial Average +4.4% YTDRussell 2000 +4.0% YTDDisclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. Follow us and check back occasionally for additional articles or comments. With our Daily Trackdowns, additional analysis/observations during the trading day in the comments by us or our readers.